The size of the new Bill is much small as against the Old one.
It has 470 clauses as against 658 sections in the old law.
Many new topics has been added in the new law like Registered Value, Government Companies, National Company Law Tribunal etc
New Act has clearly defined some of the concepts which created lot of confusion in the old Act and was not defined. Some important concepts which has been defined are :- accounting standards, auditing standards, associate company, CEO, CFO, control, deposit, employee stock option, financial statement, global depository receipt, Indian depository receipt, independent director, interested director, key managerial personnel, promoter, one person company, small company, turnover, voting right etc..
Definition of Private Company has been changed. Earlier Private Company could have maximum 50 shareholders. Now it can have 200 shareholders .
Private Company which is a subsidiary of a Public Company will be deemed to be a Public Company
A new concept called Dormant Company has been introduced. If a company is registered and do not want to do much transaction it can apply to ROC to be classified it as Dormant Company.
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